Senate committee substitute makes the following changes to the 1st edition.

Amends the short and long titles.

Deletes all of the provisions of the previous edition and replaces them with the following.

Subject to voter approval, amends Section 2 of Article V of the NC Constitution to limit the income tax rate to 5% (was, 10%) of net income for tax years beginning on or after January 1, 2020. Sets out the procedure for putting the constitutional amendment before the voters at the March 15, 2016, general election. 

Subject to voter approval, amends Article V of the NC Constitution by adding a new Section 15 to create an Emergency Savings Reserve Fund (Fund) in the state treasury. Provides that such reserve funds can only be utilized upon a bill being passed by two-thirds votes of each chamber of the General Assembly. Provides that the Governor is not authorized to expend or divert the money in the Fund without legislative approval and appropriation. Also amends Section 22 of Article II to require bills that provide for the expenditure of funds from the Fund and no other matter must be read three times in each chamber and be signed by presiding officers before it becomes law. Sets out the procedure for putting the constitutional amendments before the voters at the March 15, 2016, general election. Provides that, if approved by voters, the amendments will apply to fiscal years beginning on or after July 1, 2016. 

Subject to voter approval, amends Article V of the NC Constitution by adding a new Section 16 to limit the growth on state spending, providing that maximum annual percentage increases in state fiscal year spending cannot exceed inflation growth plus the growth in State population from the previous fiscal year. Provides that the spending limit can only be increased by an act passed by two-thirds of the members in each chamber.  Also amends Section 22 of Article II to require bills that provide for an increase to the spending limit be read three times in each chamber and be signed by presiding officers before they become law.  Sets out the procedure for putting the constitutional amendments before the voters at the March 15, 2016, general election. Provides that, if approved by voters, the amendments will apply to fiscal years beginning on or after July 1, 2017.